CHK: The Call Was to Cover 50% of the Short…
March 21, 2008 3:25 PM
I mentioned to cover 50% (or all if you wanted) of our call to short CHK if it spiked down on Thursday and then appeared like it was going to close above the open. I would have been out of the trade totally later in the day once it became clear it was going to close above the open. The profit on this trade was $47.50 - $43.30, a whopping $4.20, 8.8% in 2 days…
A little more caution could be in order if it runs near the highs again. But the trade is to once again short near the high. I have called that trade twice already. I am not a fan of making a trade the third time it visits an area…i will updtate what I see if it gets there.
If you want to be long this stock, the trade is long with a hard stop below $42.15. I would like to be a buyer here near $43, if possible
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